Gen AI 2024 business impact forecasting

Businesses in all industries are incorporating artificial intelligence (Gen AI) into their operations to deliver business value, now Gen AI is having the greatest impact. Vietnamese IT Talents Team can support all AI application software and solutions for you !

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Organizations worldwide are deploying AI in various ways to streamline processes, optimize costs, prevent human errors, support customers, manage IT systems, and reduce repetitive tasks, among other use cases. And with the development of Generative AI, the use cases for AI in businesses will continue to expand.

To better understand how companies put AI into practical use, consulting firm Deloitte surveyed 2,620 business leaders worldwide across 13 countries as part of the “Fueling the AI Transformation” report. The survey identified the most prominent applications of AI across various verticals, from financial services to government and public services.

Here is an analysis of the most common ways AI is being used in businesses across all industries today as organizations seek to leverage AI to improve customer service, cut business costs, and enhance business processes.

Organizations rely on AI to help reduce cloud costs and find cost-saving solutions to run cloud applications. Airbnb is a company that uses AI to optimize pricing on AWS, manage capacity, build data and cost usage tools, and optimize storage and computing capacity.

Dropbox is another company that uses AI to optimize operational and cloud costs, reduce dependence on AWS, and save nearly $75 million.

AI tools help companies optimize pricing and spending on the cloud by identifying cloud usage patterns to improve cost predictions, detect anomalies in cloud usage, identify savings opportunities, and discover more cost-effective resources.

Voice assistants, chatbots, and conversational AI

·????? Conversational AI tools such as chatbots and voice assistants are becoming increasingly popular, making technology more accessible, providing customer support, and relieving IT support units.

·????? At Estée Lauder, the company has launched a voice-assisted makeup assistant designed to help visually impaired people apply makeup.

·????? Meanwhile, companies like PenFed Credit Union use chatbots and conversational AI to help customers answer common questions faster, relieving customer support services.

Optimizing uptime/reliability

·????? For companies reliant on web services or e-commerce, maintaining website uptime and reliability is a top priority. AI helps organizations achieve this by continuously scanning systems, networks, and processes to identify inefficiencies and potential disruptions and detect potential threats in ways humans could never accomplish.

·????? Almost all large organizations are using AI to support reliability needs. Netflix, Uber, Facebook, Salesforce, AirBnB, and many other companies are deploying AI to monitor, maintain, and ensure the operation of their services and availability to customers.

·????? For companies providing 24/7 digital services, using AI can help identify problems before they start to occur while reducing instances of outages, hacks, and human errors.

Predictive maintenance

·????? At GE, AI is regularly leveraged to predict machinery maintenance, analyze live data from aircraft engines to identify any issues, perform maintenance, and ensure overall aircraft safety.

·????? Rolls-Royce has also found a way to use AI in predictive maintenance to improve the performance of jet engines and reduce the amount of carbon their aircraft produce while rationalizing maintenance schedules through predictive analysis.

·????? The District of Columbia Water Authority (USA) is using predictive maintenance methods to determine the likelihood of main water pipe failures and monitor the performance of the collection system. DC Water even has an AI tool named Pipe Sleuth that can review CCTV footage of sewer pipes to assess maintenance needs in real-time.

Customer service operations

·????? AI has become a support tool for customer service operations, helping organizations ensure customers receive the support they need while relieving the burden on customer support centers (CSCs). When Lufthansa Group’s business operations were disrupted due to the COVID-19 pandemic, their CSCs had many passengers navigating canceled flights and rescheduling, pushing the company towards digital transformation (DT).

·????? For other companies, the use of AI in customer service is also driven by the increasing expectations of consumers. McKinsey predicts that about 67% of young people “want real-time customer service”, and 75% of customers expect “consistent multi-channel service experiences”.

·????? Unilever leverages the GPT API to create AI tools to reduce food waste and automatically create product lists while using the API to create a platform to filter emails sent to customer service, sorting spam from legitimate mail.

Personalization

·????? When users log into a social networking app or streaming service, the experience is adjusted according to personal preferences and browsing habits - down to targeted ads. AI has helped companies deliver products and content to target audiences, ensuring that every application or service a user uses is individually adjusted to suit their preferences.

·????? Spotify will introduce you to a new artist, Amazon will remind you that it’s time to stock up on the products you buy most and suggest related products you might be interested in. YouTube will provide curated content that suits your tastes.

·????? AI personalization uses data, customer interactions, deep learning, natural language processing, machine learning, etc… to manage the appropriate experience for end users and customers. Retail giant Nordstrom also uses AI in its Nordstrom Analytics Platform (NAP) to gain a deeper understanding of customer behavior and make predictions to provide a more personalized experience for them. The company also uses AI to manage inventory control, navigate the order fulfillment process, and ship orders to the nearest store for customers, among other applications.

IT operations management (ITOM)

·????? AI IT operations management tools (AIOps) are becoming increasingly popular. According to a report from OpsRamp, businesses are using the AIOps platform for intelligent alerting (70%), root cause analysis (57%), anomaly and threat detection (52%), automatic incident remediation (50%), and capacity optimization (27%).

·????? According to a press release from Delta Airlines, the company used AIOps to create a “full-scale digital simulation environment for its global operations”, which the company claims is the “first in the commercial aviation industry” to maintain reliability, especially in harsh weather. This platform analyzes operational data points and uses that data to generate hypothetical outcomes, helping Delta employees make “critical decisions before, during, and after major disruptions”.

Process automation

·????? AI has proven to be an effective tool for automating time-consuming processes that are often prone to human error.

·????? By automating processes, organizations can free up labor to do more complex tasks. Atlantic Health System uses process automation to rationalize the authorization process, stemming from the need to reduce the increasing workload during the COVID-19 pandemic. Automating prior authorizations speeds up treatment times, helps doctors and nurses focus on patients, and reduces manual efforts in obtaining authorizations and scheduling appointments.

·????? Johnson & Johnson combined RPA (robotic process automation) with ML, AI, and task mining to identify and automate complex processes spread across departments. AT&T is another company that has been using process automation features since 2015 to reduce complex manual data entry tasks, thereby evolving to rationalize some processes throughout the organization.

Financial reporting and accounting

·????? Intuit is an organization using AI to improve data analysis capabilities around financial planning for customers, with over 730 million “AI-driven user interactions each year, leading to 58 billion machine learning predictions every day”.

·????? By using its Generative AI Operating System (GenOS) platform, Intuit can deploy large language models on finance, accounting, cash flow, etc… This helps reduce repetitive labor tasks while rationalizing and reducing errors in data entry, transaction classification, and invoice processing.

·????? PricewaterhouseCoopers, also known as PwC, one of the top four auditing companies in the world today, is also using AI to provide better advisory information through natural language processing, machine learning, deep learning, model operation, automatic ML, digital twins, synthetic AI, expressive AI, responsible AI, etc…

·????? Companies are investing $1 billion over the next three years to scale up AI capabilities, as it is clear that more and more organizations are beginning to realize the benefits of AI for accounting operations and financial reporting.

TA Recruitment

·????? Amazon is an organization using AI in the recruitment process to screen applications, find the most suitable candidates, evaluate initial candidates online, and transfer data to recruiters to contact candidates. This has quickly become a common practice for organizations to help reduce manual labor associated with sorting resumes, thereby speeding up the recruitment process and recruitment time.

·????? AI can also be used to conduct initial video interviews. Unilever processes over 1.8 million job applications annually, partnering with Pymetrics to build an online platform to assess candidates through video software. In the second interview stage, candidates answer questions for 30 minutes while the software analyzes body language, facial expressions, and word choice using natural language processing and body language analysis technology.

·????? Once employees are hired, organizations like Schneider Electric also use AI to help promote and develop their careers, providing them with continuous learning opportunities, new projects within the organization, and opportunities to connect with leaders throughout the organization.

Safety and Quality

·????? AI can help organizations automate and rationalize quality assurance and safety processes, ensuring less risk for the company and consumers and better product and service quality. Boeing uses AI to detect anomalies with aircraft sensors, analyze data collected from aircraft, and improve overall flight safety.

·????? AI can also be integrated into products to ensure better safety. For example, Google has deployed AI safety features for its Nest product line, which can detect intruders and smoke or carbon monoxide. It can also use AI to help determine whether there is a real emergency or a false alarm.

·????? This year, Boeing partnered with Shield AI to “explore strategic collaboration in the areas of autonomous capabilities and AI in current and future defense programs”. Shield AI has created a technology called Hivemind, which allows AI to control drones and aircraft autonomously without needing GPS, communication information, or human pilots.

Optimizing Labor Routes

·????? AI has found its way into many processes, helping companies rationalize efforts that previously took many managers’ time. This is especially true when it comes to optimizing the routes of the workforce, where AI has helped companies optimize planning, considering factors such as employee readiness, customer traffic, and employee skills and preferences all at once to determine the optimal route.

·????? Companies like Walmart, Starbucks, Costco, Delta Airlines, Target, and many others use this technology to determine the best route for the company’s needs.

References:

1.??? deloitte.com

2.??? geekwire.com

3.??? ge.com

4.??? news.delta.com

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